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BUNGE ACQUIRES MAJORITY STAKE IN LODER CROKLAAN

US agribusiness major Bunge aims to gain a bigger footprint in Southeast Asia with its acquisiton of a majority stake in Malaysian palm planter IOI Corporation’s Loder Croklaan subsidiary. Bunge paid US$946 million for a 70% share in the Netherlands-based oil and fat businesses to expand its “value-added capabilities, reach and scale across core geographies to establish it as a global leader in B2B oil solutions,” it said in a statement.

Loders will retain its brand and operate as part of Bunge’s Food & Ingredients businesses, with key management team members expected to remain with the combined business. The acquisition will also help Bunge diversify its manufacturing and R&D network into core regions, especially Southeast Asia. Loders portfolio includes a wide range of palm and tropical oil-derived products, with strength in confectionery, bakery and infant nutrition applications. With customers in more than 100 countries, it made US$1.6 billion in sales last year.